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First deal struck at Rs 10.50

Ambarish Mukherjee

NEW DELHI, July 7

IN a proactive move, the Delhi Stock Exchange (DSE) has come up with an innovative exit route for US-64 investors by opening a separate window in its equity section for physical trading in US-64 units.

The first and only transaction was struck around the closing hours of Friday, when 300 units of US-64 were sold by a small investor in dire need of cash at a price of Rs 10.50 a unit.

Incidentally, UTI's move to approach SEBI to increase the tradeable lot of demat securities followed the DSE move to open a separate window for physical trading of US-64 units.

The DSE scheme is in line with the SEBI guidelines permitting stock exchanges to carry out transactions in physical form as long as the number of units in a single transaction do not exceed 500.

DSE has also put in place a system-driven caution mechanism to avoid problems the likes of which cropped up following wrong punching of prices at the NSE. This had resulted in closing of trading for almost an hour last week.

In the DSE system, if some broker enters a price which is over 5 per cent more or less than the last traded price, then the monitor will automatically point that out. It will then seek to re-verify whether the deal is to be carried out or not.

This, according to a top DSE official, will prevent a situation when, after everything has gone wrong, the broker comes up an excuse of having made a mistake. "If someone intentionally does something wrong, he will be caught," the official said.